The Quality Review Board ( QRB ) at the Institute of Chartered Accountants of India ( ICAI ) has released the First Volume of the Guidance on Non-Compliances observed during Quality Reviews, in two parts.
The first part of the publication pertains to Observations related to Engagement and Quality Control Standards while the second section contains the Observations related to CARO and IFC.
With a view to improving the quality of audit services in India, the Ministry of Corporate Affairs,
Government of India has established the Quality Review Board (“QRB”) under Section 28A of
the Chartered Accountants Act, 1949.
QRB conducts quality reviews of audit services of audit firms which are covered under its domain. These quality reviews bring out instances of various non-compliances regarding Standards on Quality Control (SQC), Standards on Auditing (SAs), audit reports, Companies (Auditor’s Report) Order (CARO), Accounting Standards (AS), Indian Accounting Standards (Ind AS), Schedule VI of Companies Act, 1956/ Schedule III of Companies Act, 2013.
Based on observations noticed during these quality reviews, QRB issues necessary advisories to concerned audit firms.
On the matter, QRB requested the Council of ICAI to bring out necessary guidance for the members of ICAI based on common non-compliances observed. The task of developing the guidance was entrusted to the Auditing and Assurance Standards Board of ICAI.
The Auditing and Assurance Standards Board has brought out the publication, “Guidance on Non-Compliances Observed by Quality Review Board During Quality Reviews (Volume 1)”. The publication is a compilation of some common non-compliances observed by QRB while conducting quality reviews. The publication also contains suggested guidance by AASB for the members on these common non-compliances.
“I compliment CA. (Dr.) Sanjeev Kumar Singhal, Chairman, CA. Vishal Doshi, Vice-Chairman and all other members of the Auditing and Assurance Standards Board for their efforts in developing and bringing out this publication for the benefit of the members at large.
I am confident that the members and other interested readers would find this publication immensely useful”, noted ICAI President CA. Ranjeet Kumar Agarwal.
“We are confident that the publication would be well received by the members and other interested readers. We are of the firm belief that the publication would enhance the knowledge of auditors and would help them in performing quality audits”, stated CA. Vishal Doshi, Vice Chairman, AASB and CA. (Dr.) Sanjeev Kumar Singhal, the Chairman of Auditing & Assurance Standards Board ( AASB ).
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